The Tribune

By YOURI KEMP

Tribune Business Reporter

ykemp@tribunemedia.net

Construction leaders industry executives yesterday backed a former Cabinet minister’s call to eliminate import duties on building supplies for all first-time home buyers as a means to stimulate the sector.

Quentin Knowles, the Bahamas Society of Engineers (BSE) president, told Tribune Business that the suggestion by Brent Symonette, pictured, the St. Anne’s MP, would be a “plus” for contractors as well as helping to make home ownership and construction more affordable for Bahamians.

Responding to Mr Symonette’s House of Assembly remarks, which came amid the debate on the Government’s proposed 83-acre subdivision for young professionals in western New Providence, Mr Knowles said: “Whether or not the reduction of duty for first-time home builders will achieve what he is thinking is another thing.

“But I think this is a good way of helping people to enter the housing market and become a homeowner because the cost of construction is way high, particularly for people first starting out on the job as a young professional. A lot of people are out of school and they simply can’t afford it, so they end up having to rent or stay at home with their parents, so I’m all for it.

“Something has to be done in the construction industry. Things are a little slow, particularly in the residential side of things. With anything there is a downside, because this is where we get the bulk of our tax revenue from, so there will always be implications.”

Mr Knowles praised the government’s proposed subdivision for young professionals as a “very good thing. In my opinion, they could probably do two or three more of those and I think the interest in it will be high. They will be oversubscribed on the amount of people that will be interested”.

Michael Pratt, chairman of the Bahamian Contractors Association (BCA), said: “I think any opportunity to create construction and any advantage given, which would create and advance construction, is good and that definitely would be a plus.”